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Imports of crude oil expected to slow down
By Wang Ying (China Daily)
Updated: 2005-08-04 05:54

Crude oil delivery prices in September rose 0.5 per cent to US$62.19 a barrel on the New York Mercantile Exchange yesterday, only 11 cents off an all-time high of US$62.30 set three days ago.

A slowdown in the increase in China's domestic demand is a primary reason for the reduced growth in oil imports, said Gao Shixian, with the Energy Research Institute of the National Development and Reform Commission.

In a move to cool down the country's overheating steel and property industries, China has introduced a raft of measures to restrict industrial expansion and energy consumption.

According to the Beijing Statistics Bureau, the capital's real estate investment in the first half of the year was about 52.98 billion yuan (US$6.4 billion), 16.1 per cent lower than the same period last year.

MOC previously predicted the country would need 310 million tons of crude oil this year, up 6 per cent year-on-year.

China itself will produce 180 million tons of crude this year, 3 per cent more than last year.

The country consumed 297 million tons of crude last year, an increase of 14 per cent from 2003.

The slowdown in oil refining will also cut oil imports, Gong said.

"The high oil prices on the world market have reduced market demand for refined oil, and there is limited room for the country's refiners to increase facilities," Gong said.

Another reason for slower growth in oil imports, noted Gong, is the increased oil stockpile.

China had 7 to 8 million tons more crude in storage by the end of 2004 compared with 2003, enough to supply oil refiners for one month. The 2003 crude stockpile could only support 10 to 20 days of oil refining, said Gong.

China's top government officials have previously insisted the country's large oil imports are not a cause of the high crude prices.

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